Special Credit Union CD Offers - Missouri 2020

Below are special Certificate of Deposit special rates and terms from credit unions in Missouri. Special CD offers can change weekly so check back frequently for updates. You can also view specials for banks in your local area.

BestCashCow strives to maintain the most accurate rates.
If you believe a rate is not accurate, please let us know.

PRODUCT INFORMATION

Credit Union Certificates of Deposit 2020

Credit union certificates of deposit (“CDs”, also commonly called “time deposits�t at credit unions) are
contract-based and time-based savings vehicles that are offered by credit unions. In return for agreeing
to keep your money tied up with the credit union for a given time period, you earn a fixed rate or return that
cannot change over the course of that period. Should you need your money before the expiration of the contractual
period, the penalties for early withdrawal can be severe. Not all credit unions even offer early withdrawal from
CDs; many that do offer it maintain the right to deny it in their fine print. It therefore is important to fully
understand the terms of any time-based deposit that you enter with a credit union. Read this article for further
detail on early withdrawal penalties.
{hyperlink: https://www.bestcashcow.com/articles/can-you-always-withdraw-your-money-early-from-a-cd-9178}

Many Americans enjoy performing their banking transactions with credit unions, citing better rates,
non-profit status (owned by its depositors), more helpful employees, and a commitment to the community that
is above the level offered by local banks. You will find a map with all credit unions that are close to you here.
It is important to note that some credit unions have limited fields of membership, although others are more open
ended. Under any circumstance, you must meet the membership requirements in order to become a member and open a
CD or time deposit.

Those who are willing to tie up their money for one year will often get a slight premium over
the best available savings rates. People who work with credit unions may find that they offer better
rates on CDs or time deposits than local banks and online banks. You however should check the local bank
rates where you live here and the online rates here.

To understand all of the income generating options available to a saver, please view the Income Generating
Investments Comparison Chart.

NCUA Insurance

Most, but not all, credit unions listed on BestCashCow are insured by the National Credit Union Administration
(NCUA). You should confirm that the credit union that you are working with is NCUA-insured by visiting that
institution’s BestCashCow page (NCUA coverage is detailed on the overview tab). The NCUA insures each named
individual's deposits to $250,000 for all accounts at the credit union within ownership class. The rules are
very similar, but not identical, to those for FDIC insurance. You should always stay within NCUA insurance limits.

BestCashCow strongly recommends that you deposit money only in NCUA insured credit unions and that you stay
within insured limits. If you are considering depositing over $250,000 at a single NCUA-insured credit union
across products (share certificates, time deposits, etc.) or across types of ownership (individual, joint, etc.)
you should use the NCUA’s Share Insurance Toolkit in order to be sure that you are not exceeding coverage limits.

FREQUENTLY ASKED QUESTIONS ABOUT CREDIT UNIONS

Is my money any less safe at a credit union?

As long as your credit union is NCUA insured and you stay within the NCUA limits, As long as your credit union
is NCUA insured and you stay within the NCUA limits, your money is no less safe than it would be in an FDIC-insured
bank.

Is there any difference between a time deposit offered
by a credit union and a CD account offered by a bank?

The difference is mainly one of terminology. But, you should always completely understand the terms of a time
deposit or CD before you enter it, paying careful attention to the early withdrawal penalties.
A reasonable early withdrawal penalty for a 1-year CD or time deposit is 3 months, and a reasonable early
withdrawal penalty for a longer term CD is 6 months.

Does the small amount of interest gained on a time deposit
make sense given the fact that I am losing access
to my capital (liquidity)?

This is a decision that depends on your own specific circumstances, your needs for cash, and other investments
that you may wish to pursue over the period of your time deposit or CD. The premium in a one-year CD is very small,
with the premium of longer-term CDs being a little wider. A small difference in compounding interest can make a
large difference over long period of time. You may wish to familiarize yourself with our Savings Booster Calculator
{insert hyperlink} in order to understand the importance of compounding interest at higher rates on your money
over time.